Report: Important global economic news of the week - TOP 5

Baku. 27 November. REPORT.AZ/ The most important global economic news for global financial markets from November 27 to December 1 will be announced in the United States, Eurozone, China and Austria.

Analytical Group of Report News Agency has defined below top 5 economic news that may influence global financial market this week:

1) On November 28 at 18:45 pm, the Fed administration candidate Jerome Powell will make a statement in support of his candidacy at the Senate Banking Committee. On 29 November, the current Fed chief Janet Yellen, will address at Financial Services Committee of Congress on the economic situation at 19:00 Baku time. Experts predict that monetary policy expectations during Powell’s speech will be slightly less than Yellen’s.

2) On October 30 at 16:30 Baku time, the United States will announce the income and expenses of physical persons in October and the index of consumption costs, which determines the future direction of inflation.

The final version of the GDP indicator for the third quarter in the US will be announced on 29 November. Experts predict that the final version will slightly increase and make 3.2%. Notably, in the initial version, GDP has grown by 3% in the third quarter. Also, during the week, the business activity index, sales of new houses and sales of cars will be disclosed. President D. Tump will hold a meeting with members of the Senate on November 28 to support the draft law on tax reform, which will be put to the vote on December 7.

3) On November 30, inflation rate will be announced in eurozone at 14:00 Baku time. Analysts predict an annual rate to reach 1.6%. Notably, annual inflation in October was 1.4%;

4) The business activity index on production sector in China will be announced on November 30 at 05.00 Baku time. Analysts predict that the figure will drop by 51.5 points compared to October (51.6 points). Notably, the business activity index is regarded as a key indicator that reflects economic situation. If this indicator is below 50 then the economic slowdown begins;

5) OPEC and non-member countries' oil summit will be held on November 30 in Vienna, capital of Austria. The summit will discuss the extension of the current agreement expiring on March 31, 2018 and the possible reduction of possible production volumes. Analysts believe, the deal will be extended by 9 more months, ie untill the end of 2018.